A local bank reported that it lost $150,000 as the result of an employee fraud. Edward Jasso is not clear on what is meant by an “employee fraud.” Explain the meaning of fraud to Edward and give an example of frauds that might occur at a bank.
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Bob and Lisa are both married, working adults. They both plan for retirement and consider the $2,000 annual contribution a must.

First, consider Lisa’s savings. She began working at age 20 and began making an annual contribution of $2,000 at the first of the year beginning with her first year. She makes 13 contributions. She worked until she was 32 and then left full time work to have children and be a stay at home mom. She left her IRA invested and plans to begin drawing from her IRA when she is 65.

Bob started his IRA at age 32. The first 12 years of his working career, he used his discretionary income to buy a home, upgrade the family cars, take vacations, and pursue his golfing hobby. At age 32, he made his first $2,000 contribution to an IRA, and contributed $2,000 every year up until age 65, a total of 33 years / contributions. He plans to retire at age 65 and make withdrawals from his IRA.

Both IRA accounts grow at a 7% annual rate. Do not consider any tax effect.
Write a two to three (2-3) paragraph summary in which you:

Create a chart summarizing the details of the investment for both Bob and Lisa.
Explain the results in terms of time value of money.
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Dear FIN 100,
The second homework assignment for week-6 deals with a series of time-value-of-money problems.

For the Lisa scenario there are actual two TVM problems. The first section addresses the FVAD. Not that the present value is zero, and the payment is made at the beginning of the year. You will then have to invest the FVAD amount as a PV for the second scenario. You should determine the FV amount at her retirement age of 65 years old.
For the Bob scenario, you are also find the FVAD. Bob is making 33 contributions at the beginning of the year.
Remember to provide your work in Excel and provide a chart or some summation of your calculations and time-lines for each person. Please summarize your results for both of their retirement accounts.
You may want to review the TVM links provided on the announcement page.
You may also want to review the following links regarding the IRA accounts, both traditional and Roth IRAs, for your own general knowledge.
https://www.irs.gov/Retirement-Plans/Traditional-IRAs
https://www.irs.gov/Retirement-Plans/Roth-IRAs
https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits

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